$11.8MM • Hollywood, FL
Transaction Highlights
- Total financing of $11.8MM
- LTV of 23%
- CLTV of 77%
- 30 years fixed
- Capitalized interest period of 3.5 years
- Interest-Only Period of 4 years
c-PACE:
$11.8MM
Location:
FL
Type:
New Construction
building:
Condominium
Term:
30 Years Fixed
Status:
Closed
Project Description
Condominium Project in Hollywood, FL. Total project cost of $40MM. Bayview PACE provided $11.8MM in C-PACE financing for a 36-unit boutique luxury beachside condominium complex in Hollywood, FL. Bayview provided a low, fixed rate loan for a 30 year term with long capitalized interest and interest only periods
The borrower was looking for a low cost option to fill a gap above the construction lender’s maximum proceeds. They had considered C-PACE but needed a creative loan structure that took into account payoff at the time the condominiums were sold. Bayview PACE structured a unique disbursement and release mechanism with the senior lender and the PACE program administrator that enabled C-PACE to be used for construction financing of condominiums. Additionally, Bayview was able to maximize PACE proceeds to provide the owner with a higher LTC and bring down their total cost of capital.
